(A) The source of funds shall be (i) any existing City Sales and Use Tax, Lodging Tax, Occupancy Tax and Real Estate Tax as designated by the City Council, and (ii) any future increases of City Sales and Use Tax, Lodging Tax, Occupancy Tax and Real Estate Tax as may be approved by the voters; and any bonding as may be deemed necessary.
(B) The length of time that the Program shall be in existence will be twenty-five (25) years beginning May 1, 2015. Miscellaneous revenues and funds, including but not limited to repayment of loans, return on investments, fees for activities such as loan guarantees, and sales proceeds from properties, may continue to be used for activities contained within this Economic Development Program during the life of this program.
(C) Collection of funds for the Program shall be on all taxable sales beginning on May 1, 2015 and shall end on April 30, 2035 (twenty years).
(D) The total amount to be collected is estimated to be $750,000 per year in fiscal years 2015-2016 (one-half (1/2) fiscal year), 2016-2017, 2017-2018, 2018-2019, 2019-2020, 2020-2021, 2021-2022, 2022-2023, 2023-2024, 2024-2025, 2025-2026, 2026-2027, 2027-2028, 2028-2029, 2029-2030, 2030-2031, 2031-2032, 2032-2033, 2033-2034, 2034-2035 and 2035-2036 (one-half fiscal year), with the revenue being allocated to the Economic Development Program as outlined herein. The one-half fiscal years shall be only one-half of the estimate to be collected.
(Ord. 3800, § 1, passed 12-8-2014; Ord. 4113, § 1, passed 12-20-2022)